Full text of Annual Report of the Federal Reserve Bank of Atlanta : Twelfth Annual Report of the Federal Reserve Bank of Atlanta : 1926

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TWELFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK




OF

ATLANTA

1926

TWELFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK




OF

ATLANTA

1926

2

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

LETTER OF TRANSMITTAL

Atlanta, Ga., March 10, 1927.
Sirs:
I have the honor to submit herewith the Twelfth Annual
Report of the Federal Reserve Bank of Atlanta, covering the year
1926.
Respectfully,
OSCAR N E W T O N ,
Chairman of the Board,
and Federal Reserve Agent.
Federal Reserve Board,
Washington, D. C.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA S

DIRECTORS AND OFFICERS
FOR 1927
FEDERAL RESERVE BANK OF ATLANTA
DIRECTORS
OSCAR N E W T O N ,

LEON C. SIMON,

CHAIRMAN
ATLANTA, GA.

NEW ORLEANS, LA.

E. R. BLACK,

W. H . KETTIG,

ATLANTA, GA.

J. A. McCRARY,

DEPUTY CHAIRMAN,
BIRMINGHAM, ALA.

DECATUR, GA.

G. G. WARE,

W. H . HARTFORD,
NASHVILLE,

LEESBURG, FLA.

TBNN.

E. C. MELVIN,

LINDSEY HOPKINS,
ATLANTA,

SELMA, ALA.

GX.

OFFICERS
M. B. WELLBORN,

OSCAR NEWTON,

GOVERNOR

HUGH

CHAIRMAN OF THE BOARD
AND FEDERAL RESERVE AGENT

FOSTER,

DEPUTY GOVERNOR

WARD ALBERTSON,

CREED TAYLOR,

ASST. FEDERAL RESERVE AGENT
AND SECRETARY OF THE BOARD
OF DIRECTORS

DEPUTY GOVERNOR

M. B. BELL,
CASHIER

W. S. JOHNS,

R. A. SIMS,
ASSISTANT

GENERAL AUDITOR

CASHIER

J. W. HONOUR,

H. F . CONNIFF,
ASSISTANT

ASSISTANT

CASHIER

ASSISTANT

AUDITOR

RANDOLPH & PARKER,

J . B. TUTWILER,

GENERAL

CASHIER

COUNSEL

V. K. BOWMAN,
ASSISTANT

CASHIER

NEW ORLEANS BRANCH
DIRECTORS
LEON C. SIMON, CHAIRMAN
NEW

ORLEANS, LA.

MANAGING DIRECTOR
W . H . B L A C K , ASSISTANT
J . A. WALKER, CASHIER

MARCUS WALKER,
NEW

ORLEANS, LA.

J. P . BUTLER, J R . ,
NEW

F.

ORLEANS, LA.

W.

P. H . SAUNDERS,
NEW

OFFICERS
MARCUS WALKER,

C.

VASTERLING,

ORLEANS, LA.

ASSISTANT

E. MILLER.ASSISTANT
ASSISTANT

FEDERAL

MANAGER
CASHIER

AUDITOR AND

RESERVE

AGENT

R. S. H E C H T ,
NEW

ORLEANS, LA.

F. W. FOOOTE,
HATTIESBURG,

MISS.

A. P . BUSH,
MOBILE, ALA.

BIRMINGHAM BRANCH
DIRECTORS
W.

H . K E T T I G , CHAIRMAN
BIRMINGHAM, ALA.

ALEX E . WALKER,
BIRMINGHAM, ALA.

OSCAR WELLS,
BIRMINGHAM, ALA.

W. E. HENLEY,

BIRMINGHAM, ALA.

W. W . CRAWFORD,
BIRMINGHAM, ALA.

J . H . FRYE,
BIRMINGHAM, ALA.

J O H N P . KOHN,
MONTGOMERY, ALA.




OFFICERS
A L E X E. WALKER, MANAGING DIRECTOR
H . J . URQUHART, CASHIER
T. N . KNOWLTON, ASSISTANT CASHIER

4

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

JACKSONVILLE BRANCH
DIRECTORS

OFFICERS

L. C. EDWARDS, CHAIRMAN

GEORGE R. D E S A U S S U R E ,

TAMPA, FLA.

MANAGING DIRECTOR

FULTON SAUSSEY,

W. S. McLARIN, JR.

JACKSONVILLE, FLA.

CASHIER

GEORGE R. DESAUSSURE,

GEO. J. WHITE,

JACKSONVILLE, FLA.

ASSISTANT CASHIER

EDW. W. LANE,

JACKSONVILLE, FLA.

C. P. KENDALL,

JACKSONVILLE, FLA.

JOHN C. COOPER,

JACKSONVILLE, FLA.

G. G. WARE,

LEESBURG, FLA.

NASHVILLE BRANCH
DIRECTORS

OFFICERS
JOEL B. FORT, JR.

W. H. HARTFORD, CHAIRMAN

MANARING DIRECTOR

NASHVILLE, TENN.

JOEL B. FORT, JR.

E. C. HUGGINS, JR.

E. A. LINDSEY,

L. W. STARR,

NASHVILLE, TENN.

CASHIER

NASHVILLE, TENN.

ASSISTANT CASHIER

J. E. CALDWELL,

NASHVILLE, TENN.

PAUL M. DAVIS,

NASHVILLE, TENN.

T. A. EMBREY,

WINCHESTER, TENN.

WM. P. RIDLEY,

COLUMBIA, TENN.

SAVANNAH AGENCY

HAVANA AGENCY

J. H. BOWDEN, MANAGER

L. L. MAGRUDER, MANAGER

JAS.

H. C. FRAZER, ASSISTANT

A. GOETHE, ASSISTANT MANAGER

MEMBER FEDERAL ADVISORY COUNCIL
P. D. HOUSTON,




NASHVILLE, TENN.

MANAGER

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

5

GENERAL BUSINESS CONDITIONS
General business conditions in the Sixth Federal Reserve District
for the year 1926 were favorable, as compared with preceding years.
Retail trade was in larger volume than in 1925. Savings deposits
were greater ror each month than at the same time a year earlier,
and debits to individual accounts were greater than for 1925. While
production of the principal agriculturul crops was greater than in
1925, the aggregate returns to the farmers were smaller. Building
permits, and statistics of building contracts awarded, indicated a
somewhat smaller total volume of building and construction in 1926
than in 1925, and during the latter part of the year wholesale trade
and debits to individual accounts were smaller than in the corresponding periods of 1925.
Based upon prices prevailing on December 1st, the United States
Department of Agriculture estimated that crops grown in the states
of Alabama, Florida, Georgia, Louisiana, Mississippi and Tennessee
during the year 1926 were worth approximately $960,322,000.
This is a decrease of over 308 millions, or 24.3 per cent, in the
value of the principal agricultural crops in these states compared
with the year 1925, and is due in large part to the lower price of
cotton. Decreases are shown in the value of the principal crops in
each of these states in 1926 compared with 1925, the decreases ranging from 8.8 per cent in Georgia to 34.5 per cent in Mississippi.
The final report of the United States Department of Agriculture indicates that there were produced in the Sixth Federal Reserve Disrict (not including those parts of Tennessee, Mississippi and Louisiana situated in other Federal reserve districts) during 1926, 3,756,000 bales of cotton, nearly four hundred thousand bales greater than
1925 production.
During each month of 1926, excepting October, the volume of retail trade in the sixth district, reflected in confidential reports rendered to the Federal Reserve Bank by about 45 department stores
located throughout the district, was greater than in the corresponding month of 1925. Sales by these 45 department stores during the
entire year of 1926 were 4.3 per cent greater than in 1925. The
index number of sales during December 1926 is higher than has been
recorded for any month in the series, which began with 1920.
Wholesale trade during the first six months of 1926 compared favorably with the same part of 1925, but was in smaller volume for
each month of the last half of the year than in the corresponding
month of 1925.
Savings deposits reported monthly to the Federal Reserve Bank
by 91 banks in the district averaged 9.2 per cent greater in 1926
than in 1925. At the beginning of the year, savings deposits were



6

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

15.2 per cent greater than in January 1925, but the increase grew
smaller nearly every month, and at the close of the year savings deposits held by these banks were 2.6 per cent greater than at the end
of 1925. Commercial failures in the sixth district during 1926
numbered 1,028, and liabilities totaled $23,414,906; these figures
show a decrease of 5.6 per cent in number, but an increase of 17.2
per cent in liabilities, compared with 1925. Debits to individual accounts at reporting cities in the sixth district were greater for each
of the first seven months of 1926, than for the corresponding months
of 1925, but beginning with August decreases were shown each
month compared with the same month a year earlier. For the year
debits to individual accounts were 4.1 per cent greater than in 1925.
Building permits were issued during 1926 at twenty regularly reporting cities in the sixth district for the construction of buildings valued at $176,296,289, a decrease of1 5.5 per cent compared with the
value of permits in 1925 at the same cities. This is due to the smaller
volume of building at five Florida cities which report regularly, and
where, in 1926, building permits showed a decrease of 23.3 per cent
compared with 1925. At the fifteen reporting cities in the district
outside of Florida, 1926 permits were 18.5 per cent greater than in
1925. Statistics of building contracts awarded, compiled by the F.
W. Dodge Corporation, and divided by Federal reserve districts by
the Division of Research and Statistics of the Federal Reserve Board,
show that in 1926 in the sixth district contracts were awarded to the
amount of $521,365,000, a decrease of 8.6 per cent compared with
the total of $570,526,000 in 1925. Figures for the first four months
of 1926 showed increases over corresponding months of 1925, but
decreases were shown for May and for the remainder of the year.
Pig iron production in Alabama during 1926 amounted to 2,944,421 tons, an increase of 3.4 per cent over the production in 1925
which totaled 2,846,995 tons.
RESULTS O F O P E R A T I O N
Comparative Balance Sheets.—The total resource, and liability
items of the Federal Reserve Bank of Atlanta decreased $17,417,000
from $296,528,000 on December 31st, 1925, to $279,111,000 on
December 31st, 1926. Cash reserves increased $55,202,000 from
$123,425,000 at the end of the year 1925 to $178,627,000 at the
end of the year 1926. Bills discounted and bought in the open market and United States securities owned amounted to $61,738,000 on
December 31st, 1926, which was $62,506,000 less than the amount
held on December 31st, 1925. Federal Reserve Notes in actual
circulation amounted to $165,827,000 at the close of December 1926,
a decrease of $3,139,000 as compared with the close of December




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

7

1925. Total deposits decreased $8,184,000 from $79,597,000 on
Decmeber 31st, 1925, to $71,413,000 on December 3st, 1926.
M O V E M E N T O F PRINCIPAL ASSETS AND LIABILITY
ITEMS.
Total Earning Assets.—The peak of the total bills discounted and
securities owned was at the beginning of the year when they amounted to $124,244,000, and the lowest point on any report date during
the year was $57,689,000 on May 12, 1926. The daily average of
earning assets during 1926 was $78,375,000, as compared with
$55,679,000 for the previous year.
Bills Discounted for Member Banks.—Member banks had $32,846,000 under rediscount with the Federal Reserve Bank of Atlanta on January 6, 1926, the first report date of the year; the
amount decreased to the low point for the year of $20,566,000 on
January 13th, the next report date one week later. The peak of
the discounts for member banks on any report date during the year
was $58,640,000 on September 29, 1926. The daily average of billsdiscounted for member banks was $42,626,000 for 1926, or $19,814,000 greater than the daily average for the preceding year.
Bills Bought in the Open Market.—At the beginning of the year
open market bills amounted to $76,732,000 which decreased to
$69,770,000 on January 6, with further declines until the low point
of $10,803,000 was reached on April 7. The daily average of bills
bought in the open market during 1926 was $28,856,000, as compared with $21,796,000 for 1925, an increase of $7,060,000.
United States Securities.—-The peak of the United States securities owned was $19,764,000 at the beginning of the year, and the
low point was $1,772,000 on December 29th, the last weekly report
date of the year. The daily average holdings for 1926 was $6,300,000, as compared with $10,684,000 for the preceding year.
Total Cash Reserves.—The total cash reserves increased from
$123,425,000 at the beginning of the year with some fluctuation
until the high point of $212,936,000 was reached on April 14th,
after which there was an irregular decline to $159,157,000 oq November 17. The cash reserves at the end of the year amounted to
$178,627,000. The daily average cash reserves amounted to $176,737,000 as compared with $161,138,000 for the preceding year.
Member Banks' Reserve Deposits.—The reserve deposits of member banks were at the peak for the year whn they amountd to $86,904,000 on January 6th, the first report date of the year. The member bank reserve deposits were at the lowest point on any report




8

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

date during the year when they amounted to $65,045,000 on December 1st. The daily average of member banks reserve deposits for
1926 was $72,822,000, which was $1,517,000 greater than the daily
average for 1925.
Federal Reserve Notes in Actual Circulation.—Federal Reserve
Notes in actual circulation ranged between the low point of $158,490,000 on February 3rd, to the peak of $197,358,000 on April 14th.
The daily average of Federal Reserve Notes in circulation amounted
to $174,360,000 for 1926, or $29,514,000 greater than the daily
average circulation for the preceding j^ear.
Reserve Position.—The ratio of total cash reserves against the
combined deposit and Federal Reserve note liability was 49.7% at
the beginning of the year which was the low point for the year.
The peak for the year of 79.3% was reached on May 12th. At the
end of the»year the ratio of total cash reserves to the combined deposit and Federal Reserve note liability was 75.3%. The daily
average ratio of total cash reserves against the combined deposit and
Federal Reserve Note liability was 70.4% or 3.3% less than the
daily average for the preceding year.
VOLUME O F DISCOUNTS AND PURCHASES O F BILLS
AND SECURITIES
The total amount of bills discounted for member banks, bills and
securities bought in the open market and from other Federal Reserve Banks, Foreign loans on gold, and bills discounted for the
Federal Intermediate Credit Bank of Columbia, amounted to $1,025,754,000 in 1926, as compared with $764,811,000 for the preceding year. The bills discounted for member banks amounted to
$810,592,000, the remaining $215,162,000 was the amount of bills
and securities purchased. The volume of discounts for member
banks in March was $87,545,000, the greatest amount for any one
month during the year. In May the smallest volume was discounted
for members, when the amount was $51,722,000.
The total volume of bills bought in the open market and from
other Federal Reserve Banks during 1926, was $166,535,000, as
compared with $201,253,000 for the year 1925. The volume of
United States securities purchased in the open market and from other
Federal Reserve Banks was $46,441,000 in 1926, compared with
$34,016,000 for the year 1925.
VOLUME O F BILLS D I S C O U N T E D FOR MEMBER
BANKS IN EACH STATE
Alabama—Duuring the year 1926, $76,144,000 was rediscounted
for 88 member banks in Alabama ,with a membership of 123 banks.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

9

This was $28,411,000 greater than the volume discounted during
1925.
Florida—Forty-one member banks in Florida, out of a total membership of 73, rediscounted $45,219,000 during 1926, compared with
$2,941,000 rediscounted for 17 member banks in that state during
1925.
Georgia—With a membership of 138 banks in Georgia, rediscounts amounting to $241,522,000 were made to 121 banks during
1926, an increase of $48,931,000 over the amount extended during
1925.
Louisiana—Twenty-two member banks in Louisiana, out of a
membership of 28, were extended accommodation during 1926
amounting to $319,530,000, an increase of $96,032,000 over the
amount extended during 1925.
Mississippi—During 1926 accommodation amounting to $12,367,000 was extended to 14 member banks, out of a membership of 23
banks, an increase of $7,606,000 over the amount extended during
1925.
Tennessee—During 1926 accommodation amounting to $112,572,000 was extended to 47 member banks in Tennessee out of a membership of 90 banks, an increase of $58,905,000 over the amount extended during 1925.
With a total membership in the sixth district of 475 banks at the
close of 1926, the volume of rediscounts for 333 members during the
year, including bills discounted for the Federal Intermediate Credit
Bank amounting to $3,238,000, was $810,592,000, which was $282,646,000 greater than the amount rediscounted for 320 banks during
1925, when the membership at the close of the year was 495 banks.
V O L U M E O F OPERATIONS IN PRINCIPAL
DEPARTMENTS
During 1926, 9,111 applications for the rediscount of 59,674
items amounting to $810,592,000 were handled, as compared with
7,325 applications for the rediscount of 43,025 items amounting to
$527,946,000 during 1925.
The volume of bills purchased in the open market during 1926
numbered 8,030, amounting to $99,201,000, as compared with 13,602 amounting to $172,856,000 in 1925.
During the year, 130,465,000 pieces of currency were received
and counted amounting to $652,774,000, as compared with 116,202,000 pieces received and counted in 1925 amounting to $529,979,000,
or an increase of 12.3 per cent in the number, and an increase of




10 ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

$122,795,000, or 23.2 per cent in amount. Coin received and handled numbered 63,931,000 pieces amounting to $9,105,000, a decrease of 15.8 per cent in number, but an increase of 5.2 per cent in
amount, over 1925.
There were 31,575,000 checks handled in 1926 amounting to
$13,673,722,000, as compared with 29,092,000 checks amounting to
$12,436,129,000 handled in 1925, an increase of 8.5 per cent in
number and 10.0 per cent in amount.
The number of United States coupons and other collection items
handled in 1926 was 1,059,000, amounting to $194,581,000, compared with 1,139,000 items amounting to $192,970,000 handled in
1925, a decrease of 7.0 per cent in number, but an increase of 0.8
per cent in amount.
Transactions in United States securities in 1926 numbered 103,000 pieces amounting to $61,563,000, as compared with 243,000
pieces amounting to $69,689,000 handled in 1925.
Transfers of funds during 1926 numbered 74,000, amounting to
$2,249,153,000 as compared with 67,000 transfers handled in 1925
amounting to $2,134,535,000.

OPERATION OF THE FEDERAL RESERVE CLEARING
SYSTEM.
Transit Operations.—During the year 1926 the Federal Reserve
Bank at Atlanta handled 29,767,000 items (exclusive of duplications
on account of items handled by both the parent bank and one or
more of its branches) amounting to $13,289,298,000, as compared
with 27,690,000 items handled in 1925 amounting to $12,024,437,000. This is an increase of 7.5 per cent in number and 10.5 per
cent in amount.
Clearings and Transfers through the Gold Settlement Fund.—
The total payments through the Gold Settlement Fund to other
Federal Reserve Banks for clearings and transfers in 1926 amounted
to $4,541,408,000, an increase of $197,068,000, or 4.5 per cent, over
1925. Receipts from other Federal Reserve Banks through the Gold
Settlement Fund for clearings and transfers amounted to $4,601,788,000 in 1926, as compared with $4,313,168,000 in 1925, or an
increase of 6.7 per cent. There was a net gain of gold for the year
of $60,380,000, as compared with a net loss during 1925 amounting
to $31,172,000. The net gain to the Federal Reserve Bank of Atlanta in ownership of gold since the establishment of the Gold Settlement Fund in 1915 amounted to $218,623,000 at the close of
1926.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 11

PRINCIPAL ASSET AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN LEADING
CITIES OF THE SIXTH DISTRICT
Thirty-five member banks located in Atlanta, New Orleans,
Birmingham, Jacksonville, Nashville, "Chattanooga, Knoxville, and
Savannah report each week their principal asset and liability items
to the Federal Reserve Bank. The volume of loans and discounts
reported by these banks on the last report date of 1925 amounted to
$530,735,000. This total declined during January and February
1926, but increased to $529,339,000 on March 17th, from which
point it gradually receded until it reached the lowest level for the year
at $494,862,000. In July, August, and September this total increased
and on October 6th it reached the highest point for the year at
$529,611,000. On the last report date in 1926 total loans and discounts of these banks amounted to $516,910,000. There were some
fluctuations in investment holdings of these banks in United States
Government securities and in "Other Stocks and Bonds" and on
the last report date of the year these 35 banks reported the ownership of $37,162,000 in United States Government securities and
$60,578,000 in "Other Stocks and Bonds." Demand deposits reported by these banks increased somewhat during the early part of the
year, but later declined, reaching the lowest point for the year on
September 29. On the last report date of 1926 demand deposits of
these banks totaled $334,007,000. Time deposits which, on the last
report date in 1925 amounted to $223,817,000, declined somewhat
during the first three months of 1926. The lowest point reached for
the year was $212,560,000 on March 31st, and the highest point for
year was $232,615,000 on October 13. At the end of the year time
deposits amounted to $223,776,000, slightly lower than the figure
for the last report date of the year before. Accommodation furnished by the Federal Reserve Bank of Atlanta to these thirty-five
member banks' amounted to $24,430,000 on the last report date of
1926, compared with $23,360,000 on the last report date of 1925.




12 ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
CONDITION OF FEDERAL RESERVE BANK OF ATLANTA
(In thousands of dollars)
RESOURCES:
Gold with Federal reserve agent
Gold redemption fund with United
States Treasury
Gold held exclusively against F. R.
notes
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S. Government obligations
Other bills discounted
Total bills disounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes ...
Certificates of indebtedness._
Total U. S. Government securities
Other securities
Foreign loans on gold
.
Total bills and securities
Uncollected items
Bank premises
All other resources
Total Resources
__v
LIABILITIES:
F. R. notes in actual circulation
Deposits:
Member bank—reserve account
Government ...1
Foreign bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surpus

A1) nt.hpr liabilities
Total Liabilities
Ratio of total reserves to deposit and
Federal reserve note liabilties combined (per cent)
. .
Contingent liability on bills purchased
for foreign correspondents




Dec. 31,
1926

Dec. 31,
1925

Dec. 31,
1924

Dec. 31,
1923

$140,136

$ 87,364

$143,306

$ 93,689

3,104

5,302

2,492

5,178

143,239
21,707
4,311
169,257
9,370
178,627
4,476

92,666
20,240
3,488
116,394
7,031
123,425
3,718

145,798
12,963
8,390
167,151
9,167
176,318
4,701

98,867
17,773
6,466
123,106
4,980
128,086
6,128

1,113
35,563
36,676
23,172

3,707
23,721
27,428
76,732

1,329
14,741
16,070
9,202

10,968
44,774
55,742
12,154

352
1,538

2,986
9,773
7,005
19,764

1,564
1,349
872
3,785

261
92
31
384
51

1,890
61,758
30,385
2,864
1,021
8279,111

264
320
29,321
124,244
27,950
40,982
2,780
2,715
1,775
1,444
$296,528 | $242,845

68,331
23,411
2,664
386
$229,006

$165,827

$168,966

$142,879

$140,894

66,742
2,613
1,126
932
71,413
26.847
5,020
9,632
372
$279,111

78,276
846
339
136
79,597
34,232
4,656
8,700
377
$296,528

62,897
3,757
81
43
66,778
19,023
4,564
8,950
651
$242,845

54,697
2,561
67
246
57,571
16,117
4,430
8,950
1,044
$229,006

75.3

49.7

84.1

64.5

2,258

2,884

1,878

779

|
1
|
|
|

(St. 4788)

EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANK
OF ATLANTA
1926
EARNINGS
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties
Miscellaneous
Total earnings

1,705,117
1,024,8301
228,280}
41,936
46,004
3,045,867|

1925

3,045,8671
1,389,168|
1,656,6991
12,794]

1923

912,49111,532,222 1,998,189
726,707 234,196 550,770
370,529
85,388
79,752
32,481| 40,720
42,278
30,170| 14,595
11,325
2,072,37811,907,121|2,682,314

CURRENT EXPENSES
Salaries:
Bank Officers
191,0161
Clerical staff
418,0961
Special officers and watchmen
31,426|
All other
38,253
Governors' conferences
255
Federal reserve agents' conferences
129
Federal Advisory Council
892
Directors' meetings
24,602
Traveling expenses (1)
_
32,994|
Assessments for Federal Reserve B'd expenses
28^6861
Legal fees
9,7281
Insurance (other than on currency and seI
curity shipments)
20,8261
Insurance on currency and security shipments
47,398!
Taxes on banking house
54,9871
Light,' heat and power
13,6001
Repairs and other alterations, banking house
4,234]
Rent
9,485|
Office and other supplies
_
23,556!
Printing and stationery
31,565|
Telephone
6,1231
Telegraph
70,499|
Postage
104,2961
Expressage ... _
__
33,4371
Miscellaneous expenses
32.7671
Total exclusive of cost of currency
1,228,8501
Federal reserve currency, including shipping
charges:
Original cost _
148,763
Cost of redemption
11,555!
Taxes on Federal Reserve Bank-note
circulation
Total current expenses
1,389,168]
PROFIT AND LOSS ACCOUNT
Earnings
Current expenses
Current net earnings

1924

172,0921 206,719 177,065
385,367| 431,4301 426,492
30,073| 37,188| 32,909
35,769! 34,9061 39,336
2801
551
358|
239
2721
405
952
6661
848
23,200| 25,2901 26,079
18,8481 20,821|
20,341
28,954| 26,897| 28,616
6,741
9,4051
9,0191
I
18,995
18,525| 19,742
28,608
33,2041 28,459
47,6671 41,967
58,082
13,4021 11,108
12,986
5,668
9,0701
4,714
19,789
14,695
9,475
30,365
23,848
17,137
46,209
29,518
29,905
4,970
5,045
5,160
77,346
79,427
68,859
96,991
98,924
104,093
22,036
26,534] 21,169
33,725
25,495! 29,942
,197,098
,214,71111
1 3 |
I
I
102,863! 28,4091 78,992
3,8921
18,039
3,697
103

1,225,73311,247,01211,294,232
2,072,378ll,907,121|2,682,314
l,225,733|l,247,012[l,294,232
846,645] 660,10911,388,082
6,803) 14,298|
2,789

Additions to current net earnings
Deductions from current net earnings:
Bank premises—depreciation
151,341
Furniture and equipment .
24,313
Reserve for probable losses.'
261,663
Reserve for self-insurance
Reserve for depreciation, U. S. bonds
All other
3,849|
Total deductions
441,1661
Net earnings available for dividends, surplus
and franchise tax
1,228,327|
Dividends paid
296,573,
Transferred to surplus account
931,7541(3)
Franchise tax paid United States Government

75,836
18,468
724,359

94,934
17,321
285,585

305,411
57,228
668,416

8,594[
3,911
7,637
827,257! 401,751|l,038,692
26,191| 272,656| 352,179
276,488! 272,6561 264,622
250,2971
8,756
78,801

REIMBURSABLE FISCAL AGENCY
EXPENSES
Salaries
All other
6,1061
12,289| 27,805| 67,545
Total
(1)—Other than those connected with governors' and agents' conferences and meetings of dirctors and of the advisory council.
(2)—Deficit in earnings before payment of dividends.
(3)—Deficit in earnings after payment of dividends, charged to surplus account.




14 ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

VOLUME OF OPERATIONS IN PRINCIPAL

DEPARTMENTS

FEDERAL RESERVE BANK OF ATLANTA
1926

NUMBER OF PIECES HANDLED
Bills discounted:
Applications
Notes discounted
Bills purchased in open market for own account
Currency received and counted
Coin received and counted....
_
Checks handled
Collection items handled:
U. S. Government coupons paid..
All other
..-..
_._—..„.
U. S. securities—issues, redemptions and exchanges by Fiscal Agency department
Transfers of funds

1924

1925

1923

9,111
59,674
8,030
130,465,000
63,931,000
31,575,000

7,325
43,025
13,602
116,202,000
75,915,000
29.092,000

10,492
68,912
4,426
106,694,000
58,325,000
25,299,000

13,240
85,479
6,673
97,814,000
50,084,000
23,956,000

903,000
156,000

997,000
142,000

1,202,000
147,000

1,689,000
147,000

103,000
74,000|

243,000
67,000

692,000
73,000

•3,981,000
68,000

AMOUNTS HANDLED
Bills discounted
x
! 810,592,000 i 527,946,000 $ 550,312,000 $ 728,081,000
59,621,000
94,701,000
172,856,000
Bills purchased in open market for own account
99,201,000
450,008,000
415,248,000
529,979,000
652,774,000
Currency received and counted.....
7,690,000
7,119,000
8,659,000
9,105,000
Coin received and counted
Checks handled
. 13,673,722,000 12,436,129,000 8,650,648,000 8,251,381,000
Collection items handled:
12,194,000
8,680,000)
9,824,000
8,020,000
U. S. Government coupons paid
165,758,000
165,548,000
184,290,000
186,561,000
All other
U. S. securities—issues, redemptions and ex151,539,000
changes by Fiscal Agency department
61,563,000
69,689,000
56,731,000
'Transfers of funds
2,249,153,000 2,134,535,000 1,738,402,000 1,466,213,000

I

I

•Large total due to redemption of war savings securities which matured January 1, 1923.




DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK OF ATLANTA: VOLUME BY CLASSES.
(In Thousands of Dollars)
•Bills Discounted for Member Banks
MONTH

Total

Discounts
and

Total

Purchases
January
February
March ...
April

1926

May ...
June _
July ...
August
September
October
November
December
Total:

1926.
1925.
1924
1923..

Member
Bank ColRediscountlateral Notes
ed Bills

Bills
Bought in
Open
Market

Bills
Bought
from other
Federal
Reserve
Banks

+U. S.

Securities
Bought in
Open
Market

85,524
60,426
102,561
116,451

74,068
53,829
87,545
73,665

42,069
34,087
62,128
49,496

31,999
19,742
25,417
24,169

5,484
4,324
6,522

16,515

2,5491
731
10,048
4,752

67,191
77,920
79,410
81,677

51,722
55,651
60,974
62,262

26,389
29,573
27,267
34,006

25,333
26,078
33,707
28,256

10,717
11,835
6,584
7,945

1,956
6,002
8,335
10,705

1,736
4,412
3,473
765

100,254
100,989
76,952
76,399
1,025,754
764,811
630,698
902,675

79,252
82,685
63,050
65,889
810,592
527,946
550,312
728,081

47,049
44,809
33,332
35,793
465,998
299,995
206,976
284,717

32,203
37,876
29,718
30,096
344,594
227,951
343,336
443,364

9,998
9,666
9,192
8,035
99,201
172,856
59,621
94,701

10,168
7,343
4,310
2,000
67,334
28,397

891

1,295
400
475
31,472
20,625
19,627
72,9311

U. S. Securities Bought
from other
Federal

Reserve
Banks

14,969

SForeign
Loans
on
Gold

382
644
28
...1,060
20
44

14,969
13,391
874
6,500

2,186
1,596
264
z71

•Includes agricultural paper discounted for the Federal Intermediate Credit Bank of Columbia, S. C.
flncludes special temporary certificates received from the Secretary of the Treasury as follows: 1926—June, $2,000,000 ; 1925—None ; 1924—None;
1923—$54,500,000.
§Includes Federal Intermediate Credit Bank debentures as follows: March, $560,000; May, 700,000.
zMunicipal Warrants.




BILLS DISCOUNTED BY FEDERAL RESERVE BANK OF ATLANTA:

VOLUME, BY STATES

(Amounts In Thousands of Dollars)

MONTH

January
February
March
April

1926

May
June
July .
August
September
October ...
November
December
Total: 1926
1925..
1924..
1923
Number of Member Banks at end of
year:—(2)
1926...
1925
1924
1923
Number of Member Banks Accommodated
1926
1925
1924
1923
--

(1)
Tennessee

9,673
4,194
8,336
7,438

Florida

Georgia

900
527

32,027
23,218
31,261
23,579

Mississippi Louisiana

Alabama

1.723
1,426

3,478
4,924
5,420
5,294

121
200
964

1,209

Number of
Number of
Member Banks Member B'ks
in district at Accumulated
during the
end of Month
Month
(2)

(3)
Total

27,719
20,466
38,841
34,519
20,897
20,224
23,871
23,673
26,561
35,422
24,132
23,205
319,530
223,498
186,142
266,668

74,068
53,829
87,545
73,665
51,722
55,651
60,974
62,262
79,252
82,685
63,050
65,889
(3) -810,592
(4)—527,946
(5) -550,312
(5)—728,081

7,311
7,650
7,089
11,633

17,340
17,215
14,313
14,174

1,691
5,670
8,516
2,356

3,509
4,029
6,378
8,616

14,497
13,086
10,033
11,632
112,572
53,667
117,131
106,771

18,118|
16,397
14,891
18,989
241,522
192,591
161,060
210,443

5,966
5,646
5,322
5,476
45,219
2,941
28,218
70,065

12,266
9,994
7,176
5,060
76,144
47,733
48,689
65,377

90
93
93
95

138
153
172
184

73
70
69

123
124
126

23
24
24
20

28
31
32
33

475
495
516
535

47
47

121
131

41

88
88

156

421
4S I

22
27
28 |

333 1

581

14
10
15
14

711

974
863
807

1,8101
1,734
1,062
1,096
1,527
12,3671
4,761
8,822
8,507

493
492
495
492

146

492
489
489
489

215

489

208

180

481
476

-

41

r

143

90
75

30|

32(|
390|
351|

1
(1)—Figures relate only to that part of the State located in the Atlanta district.
(2)—Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by the capital stock records.
(3) -Includes bills discounted for the Federal Intermediate Credit Bank of Columbia, S C , as follows: January $150,000, rebrulary $300,000, March
$1,000,000, April $200,000, September $110,000, October $1,078,000, and November $400,000. Total, $3,238,000.
(4)— Includes $2,755,000 discounted for the Federal Intermediate Credit Bank of Columbia, S . C .
(5)—Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C-